The Governor of the Central Bank of
Nigeria , Mr Godwin Emefiele , has said
the naira has depreciated at the official
market to 410 against the dollar.
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Emefiele , who spoke at a summit on
the economy by Bank CEOs on Friday,
said the drop in crude oil earnings and
the associated reduction in foreign
portfolio inflows significantly affected
the supply of foreign exchange into
Nigeria .
“ In order to adjust for the decrease in
supply of foreign exchange , the naira
depreciated at the official window from
N 305 / $ to N 360 / $ and now hovers
around N 410 / $ , ” he said.
The naira exchanged for 478 / $ at the
parallel market on Friday.
The Vice President , Prof. Yemi
Osibanjo , said the Federal Government
would address the shortage of foreign
exchange .
“ We have accepted that we need to
take more dramatic step to boost
exports in order to earn foreign
exchange , ” he said.
Osinbajo said the government would
combine limited resources to expand
the supply base .
The Federal Government, he added ,
would ensure the expansion and
promotion of export trading houses,
ensure that companies in the special
economic zones exported most of their
productions , as well as export grant scheme .
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